By Barbara Kumah
Criminal charges have been filed against Former chairperson of the Ghana Infrastructure Investment Fund (GIIF) Professor Christopher Ameyaw-Akumfi and former CEO of GIIF, Solomon Asamoah over the “SkyTrain” project.
They have been charged with conspiracy to commit crime and willfully causing financial loss to the state in the amount of two million dollars.
In court, on Thursday May 13, the first accused, Solomon Asamoah pleaded not guilty to all the charges and has been granted bail in the sum of fifteen million Ghana cedis payable if he violates his bail conditions. Meanwhile Prof Ameyaw-Akumfi, who was unable to appear in court, is said to be receiving treatment at the University of Ghana Medical Center, after undergoing surgery. His plea will be taken on the next court date, May 20.
The first accused Solomon Asamoah, was the Chief Executive Officer of the Ghana Infrastructure Investment Fund (GIIF) between the years 2017 and 2024.
The second accused Professor Christopher Ameyaw-Akumfi, was the chairperson for GIIF’s governing board from 2017 to 2021.
The facts as read by the Deputy Attorney-General, Dr. Justice Srem Sai are that in August 2014, the Government enacted the Ghana Infrastructure Investment Fund Act, 2014 (Act 877), to establish GIIF, to mobilise and manage financial resources for accelerated national infrastructural development, and also to manage the financial resources by investing in diversified portfolios of infrastructural projects.
Dr. Sai said in 2018, the erstwhile Ministry of Railways Development initiated a programme to promote and facilitate commercially viable mass urban transport infrastructure projects in the country, to be implemented by means of allocating concessionary rights to private sector (Proprietary) Limited, a limited liability company incorporated in the Republic of South Africa and GIIF to build an urban rail transportation system in Accra, to be styled the “Accra SkyTrain”. Per the facts the Accra SkyTrain project was to be constructed on a Design, Build, Finance, and Operate basis.
The deputy AG, narrated that, in the memorandum of understanding, GIIF was
to be the anchor equity investor and local project development partner to the Africa Investor Holdings (Proprietary) Limited. It was further agreed in the MoU that GIIF would conduct due diligence and develop a bankable feasibility study on the project.
According to the facts, a shareholders’ agreement dated January 9, 2019, was signed between Africa Investor Holdings Limited, a company incorporated
under the laws of the Seychelles on
one part, and the GIIF, on the other. In the agreement, Africa Investor Holdings Limited was to transfer ten percent of its alleged one hundred percent shares in a company styled “Ai SkyTrain Consortium Holdings”, a limited liability company registered in Mauritius to GIIF.
Solomon Asamoah, allegedly signed the shareholders’ agreement on behalf of GIIF. The facts are that a few weeks later, on February 4, 2019, Ai SkyTrain Consortium Holdings, citing the shareholders’ agreement as a basis, wrote a letter in which it made a request for a payment of the lump-sum of Two Million United States dollars as the price for the alleged shares. Per the facts, On February
25, 2019, Mr. Asamoah and Prof Ameyaw-Akumfi, jointly, in a letter with reference number GIIF/UBA/19/2/1, instructed the United Bank for Africa, to transfer Two Million US dollars from GIIF Project Development Company accounts to the bank account of the Africa Investor Holdings Limited in Mauritius. The payment was effected, allegedly, after which nothing was heard, said or done by GIIF or its governing board on the alleged share acquisition, and nothing said or heard of the money either. The facts continue that in addition to the due diligence requirements which were contained in the MoU as GIIF’s obligations, the GIIF’s internal investment policy required GIIF to follow an elaborate procedure for bankable feasibility studies and assurances, before embarking on any investment , however, the facts reveal no such due diligence procedures or processes were followed or engaged by
GIIF prior to parting with the two million dollars. The facts also stated that further investigations show that no board approval was sought or obtained for the share acquisition or the two million dollars. The court heard that In his police investigation caution statement, Mr. Asamoah , claimed that he obtained the approval of the GIIF governing board in respect of the share acquisition and the payment. A claim which was allegedly refuted by each of the other members of the governing board in their respective police investigation caution statements.
The fact also stated that investigations reveal that no board minutes or company records supports the claim by Solomon Asamoah. Professor Christopher Ameyaw-Akumfi , on his part, per the facts, insisted in his police investigation caution statement that he signed the bank funds transfer
instruction on the recommendation of Mr. Asamoah. Dr. Srem Sai narrated that the accused persons have not been able to account for the two million dollars.
The Case is adjourned to May 20, for the plea of the second accused Professor Ameyaw-Akumfi to be taken.
